- Regis Corp (NYSE:RGS) has partnered with Zenoti, a technology provider for beauty, wellness, and fitness businesses.
- As part of the partnership, Regis agreed to sell its proprietary salon management system, Opensalon Pro, to Zenoti.
- Zenoti will become the sole salon technology platform for all Regis brands.
- Regis will receive up to $39 million in cash consideration as part of the transaction, of which a portion will be paid at closing and the remainder to be earned as salons transition to the Zenoti platform over time.
- Zenoti will help Regis deliver a modern, digital experience to more than three million salon guests monthly.
- Regis noted the cash consideration represents a significant return on the investment made in the OSP platform.
- The transaction is expected to close by the end of June 2022.
- Price Action: RGS shares are trading higher by 78.86% at $1.00 in premarket on the last check Friday.
